CALGARY, Alberta, July 11, 2019 (GLOBE NEWSWIRE) -- Hemostemix Inc. (“Hemostemix” or the “Company”) (TSX VENTURE: HEM; OTCQB: HMTXF), a biotechnology company focused on developing and commercializing innovative blood-derived stem cell therapies for medical conditions not adequately addressed by current treatments, announces that due to market conditions, it will not be proceeding with its previously announced non-brokered private placement of up to a maximum of $6,000,000 principal amount of secured convertible debentures.  In addition, the Company would like to announce that it will not be having a second closing of its non-brokered private placement of up to a maximum of $1,000,000 principal amount of secured convertible debentures. As announced on May 16, 2019, total gross proceeds of $525,000 were raised pursuant to this offering. 

The Company continues to pursue other capital raising efforts and partnerships to fund operations and its ongoing Phase II clinical trial.

The Company would also like to announce that Mr. Angus Jenkins, the Company’s chairman of the board, has agreed to act as the Company’s interim Chief Financial Officer and Corporate Secretary until a permanent CFO replacement can be found.

Kyle Makofka, Hemostemix’s CEO commented, “Hemostemix has accomplished several important milestones recently including the announcement that an abstract on our Phase II trial for CLI will be presented at an upcoming Canadian Society for Vascular Surgery annual conference, which showed positive long term results using ACP-01, as well as our recent achievements at escalated trial enrollment for our CLI trial.  The Company is working to pursue other capital raising and partnership opportunities to further the potential of its lead product ACP-01.”

ABOUT HEMOSTEMIX INC.

Hemostemix is a publicly traded clinical-stage biotechnology company that develops and commercializes innovative blood-derived cell therapies for medical conditions not adequately addressed by current treatments.  It is one of the first clinical-stage biotech companies to test a stem-cell therapy in an international, multicenter, Phase II clinical trial for patients with critical limb ischemia (“CLI”), a severe form of peripheral artery disease (“PAD”) caused by reduced blood flow to the legs. The Phase II trial targets a participant’s diseased tissue with proprietary cells grown from his or her blood that can support the formation of new blood vessels. The Company’s intellectual property portfolio includes over 50 patents issued or pending throughout the world.  Hemostemix has a manufacturing contract with Aspire Health Science, LLC (“Aspire”), for the production of ACP-01 and for research and development purposes at Aspire’s Orlando, Florida, facility.  Building towards commercialization, Hemostemix has also licensed the use, sale and import of ACP-01 for certain indications to Aspire in certain jurisdictions.  The Company is continuing research and development of its lead product, ACP-01 with other applications, including cardiovascular, neurological and vascular indications.

For more information, please visit www.hemostemix.com or email office@hemostemix.com.

Contact:

Kyle Makofka, CEO
Suite 2150, 300 – 5th Avenue S.W.
Calgary, Alberta T2P 3C4
Phone: (403) 506-3373
E-Mail: kmakofka@hemostemix.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.